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Verizon shares fall 8.75% on SpaceX frequency acquisition announcement

The Motley Fool +1 ·

VZ Verizon Communications Inc
$41.65 -10.14%
View chart & analysis →
SPCX +1.25% TMUS -13.27%
  1. 1SpaceX announced a major agreement to acquire frequencies for satellite communication services.
  2. 2SpaceX signed a contract to license up to 14MHz of bidirectional frequencies in the 800 MHz band.
  3. 3SpaceX shares rose 1.3%, while Verizon shares fell 8.75%.

So what's the key point?

What is the main point? SpaceX decided to lease new frequencies to use for satellite communications. Following this news, SpaceX shares rose, but Verizon shares fell 8.75%.

Source The Motley Fool +1 · View original ↗

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